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2014 (2) TMI 1212 - AT - Income TaxCapital gains from transfer of industrial property - Held that:- Section 50C of the Act applies only to capital asset being land or building or both but it cannot apply to lease rights in a land. Since the assessee has transferred the lease right for 99 years in the plot and not ownership in land itself, the provision of Section 50C cannot be invoked. Therefore, full value of consideration in this case has to be taken at ₹ 42.25 lacs. The decisions relied on by the assessee in its written submissions also support our above finding. - Decided in favour of assessee.
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